ITR 2023: Step-by-step guide to file Income Tax Return using Form 16/ 16A

The declaration of tax deduction at source given by the employer on behalf of the employees is known as Form 16/ 16A. It is the record of your tax which your company has deducted from your salary. Every year, by the end of May, Form 16 is released for the previous fiscal year, which runs from April 1 to March 31. 

Form 16 is essentially a certificate that employers issue to their employees. It gives a validation that TDS has been deducted and deposited with the government authorities on behalf of the employee. Every company must give salary slips to its employees. Form 16 contains every important detail which is useful in filing an income tax return. 

To download Form 16, visit the official website of the Income Tax Department at incometaxindia.gov.in/Pages/default.aspx, under the Income Tax Forms section.

Step-by-step guide on how to file your income tax using Form 16:
1. Get all your financial documents including Form 16, PAN card, Aadhaar card, bank statements, and any other relevant documents. While completing your taxes, be sure to note all the deductions you are eligible for (like any deductions under 80C, 80D, etc)

2. Create an account by registering on the Income Tax e-filing portal. Log in if you already have an account.

3. Click on "Income Tax Return" available on the e-File section to begin the process 

4. Depending on your income and other circumstances, select the proper Income Tax Return (ITR) form. ITR-1 or ITR-2 can be used if you have Form 16.

5. Enter details such as personal information, income details, deductions, and tax payments.

Form 16 contains everything needed to file your income tax return, including 

·        Allowances exempt under Section 10,

·        Break up of deductions under Section 16,

·        Taxable salary,

·        Income (or admissible loss) from house property reported by an employee and offered for TDS,

·        Income under the head ‘Other Sources’ offered for TDS,

·        Section 80C deductions break up 

6. Verify all the information you've provided, then submit the form.

7. Once you've submitted your return, e-verify it via one of the accessible methods, such as an OTP from your Aadhar, etc.

The online method is simple and takes only a few minutes.